Petrol Consumption Falls By 30% – Kyari

Managing Director of the Nigerian National Petroleum Corporation – Mele Kyari

The nation’s fuel consumption has declined by 30 per cent following the removal of petrol subsidy by President Bola Tinubu. 

The Group Managing Director (GMD) of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, disclosed this at the media briefing by the Minister of Finance and Co-ordinating Minister of the Economy,  Mr. Wale Edun, in Abuja this afternoon.

According to Mr. Kyari, the reduction in fuel demand from about 66.7 million litres daily before the removal of subsidy to about 46 million currently also meant a 30 percent reduction in NNPCL’s demand for foreign exchange to import fuel.

An elated GMD also disclosed that oil production has ramped up to 1.6 million barrels by Wednesday,  from a very poor position of less than 1 million some months ago.

Earlier, Mr. Edun said that the Tinubu administration was targeting Nigerians’ funds held in domiciliary accounts in the country and funds held abroad.

He said that Nigerians had huge funds at home and abroad which could be deployed to rejuvenate the economy and that his team was working to ensure the needed environment to attract such fund into the Nigerian economy for investment in various sectors.